Owning a home is a significant milestone, and Old Mutual Home Loans is dedicated to making this dream a reality for many South Africans. Did you know that in addition to traditional home loan offerings, Old Mutual SuperFund (Pension and Provident) provides a unique housing surety benefit to its members? This innovative solution plays a vital role in addressing housing challenges in South Africa, offering financial support to those aiming to secure a home.
Old Mutual Home Loans: Empowering Homeownership
Old Mutual Home Loans cater to individuals aspiring to buy or upgrade their residential properties. To qualify for these home loans, applicants need an active bank account and a favorable credit score. The process is designed to be accessible, providing financing solutions tailored to individual needs.
Old Mutual SuperFund Housing Surety
In a noteworthy initiative, Old Mutual SuperFund extends its support beyond traditional pension and provident benefits by offering housing sureties to its members. This unique benefit is available to employers participating in the housing loan surety arrangement and entering agreements with various banks.
How Housing Loans Surety Works:
- Occupancy Requirement:
- The member or their family/dependents must occupy the home.
- Surety Limitations:
- Housing surety is granted to members, and it applies to one property at a time.
- The loan amount may not exceed 60% (or 70% for Standard Bank) of the member’s resignation benefit based on the Fund’s rules.
- Loan Limitation for Near-Retirees:
- Members within ten years of the Normal Retirement Date are limited to a loan of up to 25% of their benefit.
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Obligations for Fund Members:
- Loan Limit for Near-Retirees:
- Members within ten years of the Normal Retirement Date may only take a loan of up to 25% of their benefit.
- Alternative Finance on Membership Termination:
- On termination of Fund membership, members are given the opportunity to secure alternative finance before the Fund settles the guarantee out of their benefit.
- Policy Mandate:
- The Management Board follows the guidelines outlined in the Old Mutual SuperFund Housing Loans Surety Policy, which must be read in conjunction with the Rules of the Funds.
Seeking Clarity on Housing Loan Surety?
For those seeking more information, clarity, or wanting to determine their eligibility for the Housing Loan Surety, reaching out to Old Mutual is just a call away at 0860 38 88 73. Old Mutual is committed to assisting individuals on their homeownership journey, ensuring that the dream of owning a home becomes a reality for many.